Declining oil price is negatively impacting the industry, which led to cut down of upstream expenditures, resulting in delay of many exploration and production projects. Moreover, oil and gas equipment manufacturing companies are negatively impacted as they are under pressure to cut down their costs. However, midstream and downstream projects are constantly growing as companies are investing for the long term.

Advent of electric cars and various initiatives being taken by the governments to encourage development of alternative energy sources, in order to reduce greenhouse gas emissions, are going to undermine the growth of oil & gas industry in long to medium term.

On the technology front, it is crucial for oil & gas companies to invest on advanced technologies to remain innovative, minimize cost and greenhouse gas emissions. The oil and gas companies are deploying remote monitoring solutions and investing on digitization to automate coordination between onshore and offshore operations.